Corporate Coverage

Compensation Statement: Do Your Employees Know All Their Benefits?

Compensation Statement- do your employees know all the benefits you provide?

As a business owner, you understand the importance of providing your employees with a benefits package. You realize that by investing in your employees, you gain an advantage in recruiting top talent, differentiating your company from your competitors, and establishes a positive culture in your workplace.  Simply put, a benefits package is an integral component to attract and retain employees.  The benefits that you offer also support your valued employees in encouraging preventive health and providing financial support during illness and disability so they can get back to work as quickly as possible.

So you have a package in place. But the question is, do you and your employees know the total value of the benefits package that you provide?  Sure, they are aware of the benefits that you pay directly to them such as their salary or hourly rate and perhaps the company match into a 401(k) plan.  But, what about the monetary value of the other indirect benefits that you pay on their behalf such as the health insurance premiums, employee assistance programs or the value of their paid time off benefits? Just having the options available isn’t enough. Your employees can only take advantage of your benefits if they know they exist!

Compensation or benefit statements are a great visual and eye-opening tool that you can use to increase awareness of the full value of all of the benefits that you provide beyond the paycheck. Check to find out if your benefits providers will provide compensation statements complementary to you as their client. Usually, the process involves gathering your data on an excel spreadsheet and your provider will take care of the rest.  We offer these statements to our Corporate Coverage clients.  You can include your logo, colors and the value of benefits including:

 

Let your benefits do the work they’re there for.

Intrigued about compensation/benefit statements and want to find out more? The Corporate Coverage team is happy to talk. Reach out to melanie@corporatecoverage.com.